Syndicate
Anonymous Societies
Our neighbor, the owner of the dyer’s shop, has the necessary ability to succeed with his business; first as an individual business and, afterwards, as a collective society. There is no doubt that the business is going through a good stage. Then, why not consider the possibility of changing it into an anonymous society? In first place, an
anonymous societygives the owners the faculty of acting under a limited responsibility; that is, that the losses, if there were any, would be enclosed only on the goods contributed to the business. The creditors of the society cannot, consequently, make extensive the payment of the debt to any of the individual goods of the owners. Furthermore, the limited responsibility excludes the owners of the society from any demand that is done against the society.
Even the owners of small businesses as a dyer’s shop, are exposed at any moment to a demand. To operate under the form of an anonymous society protects the owners’ personal goods from any responsibility resulting from debts or legal acts.
However, sometimes it is not possible to take advantage of the limited responsibility. The truth is, that on many occasions, and overall if it is a small company, the banks require, before acceding giving them loan, for the owners to guarantee with their own personal goods the debts of the society. Then, it is clear, that if the owners accede to personally guarantee the debts of the company, they are expressly renouncing to the privilege of the limited responsibility and furthermore, permitting the bank to subdue, given the case, all the personal goods of the partners for the fulfillment of the society’s financial obligations.
The legal form of an anonymous society implies another important advantage: it gives an indefinite life to the company. If in the two former legal forms (company of just one individual and collective society) the individual owner or the partners die or are separated, the business legally stops from existing as such. In the anonymous society, by being its dissolution having to be by a legal act, this doesn’t happen, it can survive s an entity to the death or to discordance of the partners.
On the other hand, the indefinite life of the anonymous societies helps the owners to formulate inheritance dispositions as also the transfer of the management to the heirs.
Besides all of this, we have to note that anonymous societies obtain capital more easily than individual businessmen or than collective societies, and that is so because creditors feel more comfortable and secure with anonymous societies. They are more disposed in accepting this legal form for making business because of its limited responsibility and its indefinite life.
Although there are some banks that still require of personal guarantees from the owners of small anonymous societies, the decision of giving them or not the loan is fundamentally based in the assets, sails and account of results of the company in question.